9/22/2023 0 Comments File taxes for![]() The American Rescue Plan Act of 2021 lowered the reporting threshold for third-party networks that process payments for those doing business. Taxpayers should report the income they earned, including from part-time work, side jobs or the sale of goods. This includes unemployment income, refund interest and income from the gig economy and digital assets. The Tax Withholding Estimator can help wage earners determine if there is a need to adjust their withholding, consider additional tax payments, or submit a new W-4 form to their employer to avoid an unexpected tax bill when they file.Īs taxpayers gather tax records, they should remember that most income is taxable. The last quarterly payment for 2022 is due on January 17, 2023. ![]() Other taxpayers may need to consider estimated tax payments due to non-wage income from unemployment, self-employment, annuity income or even digital assets. Some people may have life changes like getting married or divorced, welcoming a child or taking on a second job. This online tool is designed to help taxpayers determine the right amount of tax to have withheld from their paycheck. With the end of the year approaching, time is running out to take advantage of the Tax Withholding Estimator. Get Ready for what’s new for Tax Year 2022 Taxpayers should carefully review each income statement for accuracy and contact the issuer to correct information that needs to be updated. Typically, year-end forms start arriving by mail or are available online in mid-to-late January. Taxpayers should keep copies of filed tax returns and their supporting documents for at least three years.īefore January, taxpayers should confirm that their employer, bank and other payers have their current mailing address and email address to ensure they receive their year-end financial statements. The IRS encourages taxpayers to develop an electronic or paper recordkeeping system to store tax-related information in one place for easy access. Now’s a good time for taxpayers to consider financial transactions that occurred in 2022, if they’re taxable and how they should be reported. When filers have all their tax documentation gathered and organized, they’re in the best position to file an accurate return and avoid processing or refund delays or receiving IRS letters. ![]() ![]() They can also find helpful information on organizing tax records and a list of online tools and resources. With a little advance preparation, a preview of tax changes and convenient online tools, taxpayers can approach the upcoming tax season with confidence.įilers can visit the Get Ready webpage to find guidance on what’s new and what to consider when filing a 2022 tax return. WASHINGTON - The Internal Revenue Service today encouraged taxpayers to take simple steps before the end of the year to make filing their 2022 federal tax return easier. ![]()
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